Time to end the culture of secrecy in financial crisis

Time to end the culture of secrecy in financial crisis

In 2008, weeks after the state had guaranteed the assets and liabilities of the Irish banks, the Central Bank contacted PwC. They wanted the accountancy firm to go inside the Irish financial institutions and determine the true state of their balance

PwC did as they were instructed and prepared a comprehensive report for the government. Given the short timeframe, they relied upon the information provided by the banks.

The PwC report has never been officially published, although it has been referred to by senior politicians as backup for many of the major policy decisions taken in relation to the Irish banks. Indeed, after receiving the report in November 2008, Brian Cowen, the then Taoiseach, claimed in...

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